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Holiday headaches – how to avoid common financial tourist traps

Everywhere you look on holidays there is something to spend money on and if you’re too relaxed with what you part with your hard earned for, the spending money can dwindle quite quickly. With a little bit of extra preparation and research, you can avoid the common financial tourist traps and hold onto your money. Here’s what to look out for:

Know what to pay for a cab before you get in

Getting ripped off on a taxi fare would have to be one of the easiest traps to fall into, particularly when you’ve just arrived and want to get to your hotel ASAP, or want to venture out for the first time in a new country. Do your research before-hand, and get an idea of what the average taxi fare should cost for certain trips or distances. Also, if it’s custom to do so in the country you’re in, agree on a price before you get in the taxi (maybe twice to make sure it’s clear if there’s a bit of a language barrier).

Avoid group tours to easy accessible destinations

When you’re in tourist mode, it seems like there is a group tour company that will take your money for just about anything. For a lot of attractions, you can easily get yourself there with a little research and don’t need to shell out the exorbitant prices the tour companies charge. By finding out about the local public transport options, you could get to your destination on your own schedule, spend as much time as you like without being rushed on by the tour provider, and save yourself a lot of money.

Eat like a local and save a heap of money on food

Eating out for 3 meals a day and buying snacks in between can quickly add up to being one of the biggest drains on your spending money. If you have self-contained accommodation, go to the local shops, get some groceries and make some of your own meals. If you’re not fond of cooking on holiday, or don’t have the facilities to do it, at the very least buy some snacks from the local shops and avoid the mini bar and high priced hotel conveniences. When you are eating out, do some research to find out what the locals recommend as the best food and value in town.

Don’t pay for an insurance excess reduction on car rental if you don’t need it

Paying the extra daily amount to reduce the insurance excess on a rental car can be a smart move, but you may be doubling up and wasting money you don’t need to. A lot of travel insurance policies include cover for rental car insurance excess, so check out your travel insurance policy before forking out the extra to the car rental company.

When you’re going on holidays next, take a little extra time up front to research and plan – your spending money will go further and you may even come home with a little leftover.

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